Acorn Life has appointed Financial Risk Solutions’ (FRS), a provider of fund administration software to global life assurance and asset management companies, to manage its life assurance book of the business.
FRS’ Invest|Pro platform will manage the investment administration of all Acorn Life unit-linked funds, including unit-pricing, cash allocation and rebalancing, and trade order management.
The model also offers “flexibility and provides a comprehensive investment fund administration platform to manage cash flows between the company’s member administration system and its external investment managers”, Acorn Life explained.
Acorn Life recorded €698 million of assets under management at the end of 2018.
Jennifer Loftus, head of actuarial function at Acorn Life, commented: “When the time came to move from in-house investment administration to a specialist provider, FRS was the obvious choice. The Invest|Pro platform is a market leader in unit-pricing and unit-linked fund administration, and their wealth of domain knowledge in this specific market is second to none.”
Frank Carr, director, at FRS, said: “Acorn Life is one of Ireland’s great business success stories. They have been operating for over 30 years, have a team of 250 staff and financial advisors across the country, and are well respected for their dedication to quality customer service.”
“We are proud to have been selected as their investment administration partner and look forward to a long and fruitful partnership supporting them in their continued growth,” Carr added.
